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Condos in Coquitlam, Port Coquitlam and Port Moody all saw increases in their benchmark sale prices in August. While these rises were slight compared to July, over the past year, they have increased nearly six per cent in Coqutilam and PoCo and eight per cent in Port Moody. The latter city has seen great returns on investment for most long-term purchasers with today’s benchmark price a remarkable 41 per cent higher than it was five years ago.
Combined sales in the Tri-Cities in August equalled 163. That was a 46 per cent decrease over July sales, but still up 36 per cent over August 2014. Of the 15 condos that sold between August 22 and September 4, only one – a two-bedroom, 16-year-old home in Port Moody’s College Park neighbourhood – went for over the asking price. It was listed at $349,900 with the owners accepting an offer of $360,000. All the other properties sold at our below the list price, with an average selling price 1.3 per cent below asking.
Looking at the 560 active listings as of September 4, they range from $129,900 for a one-bedroom home in Coquitlam West to a $1,088,000 two-bedroom in Port Moody Centre. The latter is the area’s only million dollar plus listing; the average asking price is a much more affordable $322,913.
Most of the current inventory is in Coquitlam where there are 314 active listings. Of these, 48 (15 per cent) are for presales in buildings still in development or under construction. They represent the rapid development and densification that are running alongside the Evergreen Skytrain line. Purchasers will be able to move into some of these condos later this year while others are not expected to be ready until 2017.
The presales market accounts for an even larger percentage of Port Coquitlam’s active listings portfolio. Here, 65 properties - 36 per cent of active listings – are not yet ready for occupation. Only four of these listings are outside Central Port Coquitlam and their price range runs from $179,900 to $449,900.
The three most expensive properties currently listed in the Tri-Cities are all in Port Moody, which also has the highest listings average of the three cities. In addition to the previously mentioned million-plus listing, a two-bedroom home is also available in Port Moody Centre for $849,900 and Heritage Mountain has a three-bedroom listing asking $889,900.
Tricities Condo Market Snapshot
